I’m a Savings Nerd. These Are The 13 Worst Financial Mistakes …

Aug 18, 2024 · But, fear not. As a savings nerd, I’ve spent a lot of time researching the most common mistakes Americans make. Here are the worst culprits for overspending (and how …

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I'm A Massive Savings Nerd. Here Are The Stupidest Money Mistakes …

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5. Using normal, low-interest savings accounts. I'm always shocked at the number of people still using garbage savings accounts that pay 0.5% (or less) a year. There are literally hundreds of …

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Can avoiding common money mistakes improve your financial health?

Avoiding these common money mistakes can significantly help improve your financial health. Small changes could lead to big savings over time, helping you achieve your financial goals. At MoneyLion, we’re committed to helping you make the most of your money. For more financial tips and tools, get the MoneyLion app today. ...

Are You making a mistake if you're saving for retirement?

If you’re saving for retirement, you probably think that you’re doing the right thing. However, you might be making one crucial mistake that could cost you millions. One of the most expensive mistakes you can make is not selecting any investments in your IRA, 401 (k) or other retirement account. ...

Are You sabotaging your savings efforts?

You may be sabotaging your savings efforts without even realizing it. You know that saving money is a good idea. Building your savings can help you plan for emergency expenses and afford large expenses like a wedding, home purchase or vacation. However, you could be sabotaging your savings efforts by making one -- or more -- common mistakes. ...

What if you don't save for retirement?

The Mistake: Not saving for retirement can lead to financial difficulties in your later years. According to a survey by the National Institute on Retirement Security, 66% of working millennials have nothing saved for retirement. The Fix: Contribute to retirement accounts regularly. Take advantage of employer matches if available. ...

Why is saving a lot of money important?

And the sooner you start saving, the faster it will grow. Paying off debt is important. If you have outstanding balances accruing interest, you can end up paying several times the amount you initially borrowed. However, having some savings set aside is important too. ...

How do you save money if you have a high-yield account?

The Fix: Aim to save at least three to six months’ worth of living expenses. Start small and gradually increase your savings. MoneyLion has a way you can find and compare high-yield savings accounts 3. Carrying high-interest debt The Mistake: High-interest debt, like credit card balances, can drain your finances. ...